NMS Stock Order Execution Information (SEC Rule 605 Reports)

Rule 605 of SEC Regulation NMS requires market centers and certain brokers and dealers to publish monthly reports of statistical information concerning their order executions in NMS stocks. Rule 605 reports must be made available to the public in a uniform, readily accessible, and usable electronic format in accordance with procedures established under the Rule 605 NMS Plan. Rule 605 reports are intended to provide public transparency into execution quality across market centers and broker-dealers by requiring the publication of comparable statistical data regarding price, speed, size, and other information regarding order executions in NMS stocks.

The text of Rule 605 can be found in the electronic Code of Federal Regulations at 17 C.F.R. 242.605. The SEC staff has published guidance regarding Rule 605 requirements at Frequently Asked Questions: Rule 605 of Regulation NMS. The Rule 605 NMS Plan is available on the FINRA website.

Under the Rule 605 NMS Plan, all market centers, brokers, and dealers required to publish Rule 605 reports must designate a self-regulatory organization to display their unique Rule 605 Reporter Identification Code (RIC) and a hyperlink to the website where their Rule 605 reports are published.

The following market centers, brokers, and dealers have selected FINRA as their Designated Participant under the Rule 605 NMS Plan for disclosure of SEC-required Order Execution Information (SEC Rule 605).